Investorideas.com  big ideas for global investors Search www.investorideas.com
   Member Access       Sign-up       Newsfeeds        Companies        Stock Directories       Research       Video       Funding   




How to Engineer Your Financial Future in 2014

Veteran Investment Advisor Shares 4 Tips for All Wealth Stages

Ideas get bigger when you share them...

February 28, 2014 (www.investorideas.com newswire) Financial resolutions can be the most difficult to keep. They can include minute detail, number crunching, plenty of files and discipline that can affect a person's entire lifestyle, says veteran investment advisor Paul Taylor, a member of the National Ethics Bureau.

Join Investor Ideas Members to access the Renewable Energy stocks directory, water stocks, biotech stocks, defense stocks directories and the Insiders Corner

"Many folks simply are not predisposed to combing through the details of their financial situation; for them, the financial world is abstract and filled with arbitrary rules, constantly changing interest rates and other complexities, but being more involved in your own money is well worth the investment," says Taylor, an architect-turned-founder and owner of Capital Advisory Group & Tax Planners of Lake Norman and Capital Investment Advisors, Inc.

"While professional help is recommended for many aspects of a person's financial affairs, it's ultimately up to the individual to understand his or her own money."

There are many things the average person can do to take control of their financial life. Taylor offers the following suggestions:

  • For your cash flow, keep in mind the four A's: Accounting, Analysis, Allocation and Adjustment. The four A's describe a systematic and disciplined approach to your daily, weekly, monthly and yearly spending habits. Accounting involves gathering all your relevant financial information income, recurring bills, and other expenditures creating a central list of each item, and pulling it together in a place where it's easily accessible. Analysis is reviewing the information to determine whether you have a shortfall or surplus, and finding places to reduce expenses. Saving $100 a month on dining out, for instance, would allow you to apply $100 to your mortgage loan principle, saving you a substantial amount in interest payments. Allocation involves determining your financial commitments and priorities, needs versus wants, and distributing your income accordingly. Adjustment involves periodic reviews of your financial information and shifting assets to meet changing needs.
  • Utilize estate planning tools such as wills and trusts; make sure the details are accurate. Wills and trusts allow you to spell out how you would like your property to be distributed, and much more. A will gives you the opportunity to nominate your executor and guardians for your minor children. If you fail to make such designations through your will, the decisions will probably be left to the courts. Bear in mind that property distributed through your will is subject to probate, which can be a time-consuming and costly process. Trusts, which are more complex, let you customize the distribution of your estate with the added advantages of property management and probate avoidance.
  • Start planning your retirement sooner rather than later. There are a variety of retirement planning options that can meet your needs. Your employer funds some; you fund some. Bear in mind that, in most cases, early withdrawals before age 59 may be subject to a 10 percent federal income tax penalty. The latest date to begin required minimum distributions is usually April 1 of the year after you turn age 70. Withdrawals from tax-deferred plans are taxed as ordinary income. The top planning options include defined benefit pension; money purchase pension; profit-sharing plan; savings plan; employee stock ownership plan; tax-sheltered annuities; individual retirement accounts; self-employed plans; simplified employee pensions; and savings incentive match plans for employees.
  • Remember the first commandment in safe investment: diversification. Virtually every investment has some type of risk associated with it. Don't put all your eggs in one basket. Diversification is one of the main reasons why mutual funds may be so attractive for both experienced and novice investors. Many non-institutional investors have a limited investment budget and may find it challenging to construct a portfolio that is sufficiently diversified. For a modest initial investment, you can purchase shares in a diversified portfolio of securities. Depending on the objectives of the fund, it may contain a variety of stocks, bonds and cash vehicles, or a combination of them.

About Paul Taylor

Paul Taylor is the founder and owner of Capital Advisory Group & Tax Planners of Lake Norman and Capital Investment Advisors, Inc. Taylor, a fully licensed investment advisor, has more than 20 years of experience in the industry and is committed to providing personalized service to those he serves. Since 2007, he has been a member of the National Ethics Bureau, which acknowledges individuals who prove they are committed to upholding the highest ethical standards in their practices.

If you would like to run the above article, please feel free to do so. I am able to provide images if you would like some to accompany it. If you're interested in interviewing Paul Taylor or having him write an exclusive article for you, let me know and I'll gladly work out details.

Ginny Grimsley
National Print Campaign Manager
News and Experts
3748 Turman Loop #101
Wesley Chapel, FL 33544
Tel: 727-443-7115, Extension 207
Twitter: @PrintcessGinny
www.newsandexperts.com

More Info:

This news is published on the Investorideas.com Newswire and its syndicated partner network

Publish Your News - Send a release
News now!

Get free news alerts: Sign up here

Published at the Investorideas.com Newswire - Big ideas for Global Investors

Disclaimer/ Disclosure:The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and Linkedintoday plus hundreds of syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp

BC Residents and Investor Disclaimer : Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.



Free News Alerts
Email:  





TOP

Investor Ideas © 2000 - 2014 InvestorIdeas.com®, ECON

Sign up here

login | logout | about us | contact | disclaimer / disclosure |
advertise | company profile directory | partners / links |
job search | privacy policy | trade | services | sitemap |